July 16, 2013 / 7:36 AM / 4 years ago

Monte Paschi shares up after investor backs scrapping stake limit

MILAN (Reuters) - Shares in Banca Monte dei Paschi (BMPS.MI) rose nearly 3 percent in early trade after the controlling investor of Italy’s third largest bank backed changes to ownership rules, potentially paving the way for an overhaul in the shareholder structure.

    The foundation that controls the bank said late on Monday it has approved scrapping bylaws that barred other investors from owning more than a 4 percent stake in the bank. The new rules, to be adopted on Thursday, are expected to lure new investors.

    At 0717 GMT (3.17 a.m.ET), shares were trading 2.15 higher at 0.21 euros.

    Reporting by Jennifer Clark, editing by Silvia Aloisi

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